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Environmental Macroeconomics: Economic Growth, Fiscal Spending and Environmental Quality

Author

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  • Halkos, George E.
  • Paizanos, Epameinondas A.

Abstract

In the existing literature much attention has been given to the toolbox of regulatory policy instruments for addressing environmental concerns. Microeconomic treatment of environmental policy considers the optimal allocation of a given scale of resource flow within the economy, but neglects the scale and composition of economic activity relative to the ecosystem that supports it. An ecological approach to macroeconomics requires the appreciation of physical constraints to economic growth. This paper presents the theoretical underpinnings and the empirical findings of the literature on the link between economic growth and environmental quality, as well as of the relationship between fiscal spending and environmental degradation, by reviewing the relevant literature. The empirical findings on both relationships are not robust and therefore remain inconclusive. This paper provides conclusions and directions for future research which may assist to solve this ambiguity on the examined relationships.

Suggested Citation

  • Halkos, George E. & Paizanos, Epameinondas A., 2016. "Environmental Macroeconomics: Economic Growth, Fiscal Spending and Environmental Quality," International Review of Environmental and Resource Economics, now publishers, vol. 9(3-4), pages 321-362, September.
    • Handle: RePEc:now:jirere:101.00000079
    DOI: 10.1561/101.00000079
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    Citations

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    Cited by:

    1. Mireille Chiroleu-Assouline & Mouez Fodha, 2023. "Debt, tax and environmental policy [Dette, taxe et politique environnementale]," Post-Print halshs-04181981, HAL.
    2. Francesco Gangi & Antonio Meles & Eugenio D'Angelo & Lucia Michela Daniele, 2019. "Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(3), pages 529-547, May.
    3. Cheng, Shulei & Wang, Ping & Chen, Boyang & Fan, Wei, 2022. "Decoupling and decomposition analysis of CO2 emissions from government spending in China," Energy, Elsevier, vol. 243(C).
    4. Lin, Boqiang & Wang, Zhijun, 2024. "Do local government investment preferences influence renewable energy technology innovation? Evidence from China," Renewable Energy, Elsevier, vol. 231(C).
    5. Mihaela Onofrei & Anca-Florentina Gavriluţă (Vatamanu) & Ionel Bostan & Bogdan Florin Filip & Claudia Laurența Popescu & Gabriela Jitaru, 2020. "Impacts of the Allocation of Governmental Resources for Improving the Environment. An Empirical Analysis on Developing European Countries," IJERPH, MDPI, vol. 17(8), pages 1-18, April.
    6. Chan, Ying Tung, 2020. "Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies," Energy Policy, Elsevier, vol. 141(C).
    7. George Ekonomou & George Halkos, 2023. "Exploring the Impact of Economic Growth on the Environment: An Overview of Trends and Developments," Energies, MDPI, vol. 16(11), pages 1-19, June.
    8. Anton Bondarev & Alfred Greiner, 2022. "How ongoing structural change creates a double dividend: outdating of technologies and green growth," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(2), pages 125-160, May.
    9. George Halkos & George Ekonomou, 2023. "Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space," Sustainability, MDPI, vol. 15(7), pages 1-16, March.
    10. George, Halkos E. & George, Papageorgiou J. & Emmanuel, Halkos G. & John, Papageorgiou G., 2019. "Environmental regulation and economic cycles," Economic Analysis and Policy, Elsevier, vol. 64(C), pages 172-177.
    11. Halkos, George, 2017. "Global Energy and Sustainable Development: Introduction," MPRA Paper 81967, University Library of Munich, Germany.

    More about this item

    Keywords

    Environmental macroeconomics; economic growth; natural resources; fiscal spending;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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